Continued contrast b/w Services and Mfr'g/Buy duration here?

The September US PMI fell a touch to 54.4 from 54.6 with manufacturing remaining weak at 47 vs 47.9 in August, the slowest since June 2023 while services continue to carry the day at 55.4 vs 55.7 in the month before.

With manufacturing, “The largest negative contribution to the PMI came from new orders, which fell at the fastest rate since December 2022, followed by employment, which fell at a pace not seen since June 2020.” Ex Covid, the employment component was the weakest since January 2010 “as an increasing number of firms reported the need to reduce operating capacity in line with weak sales.”

While services held growth on its shoulders, S&P Global said the overall drop in headline optimism about output in the coming 12 months “was led by the service sector amid concerns over the outlook for the economy and demand, often linked to uncertainty regarding the Presidential Election.” With respect to the labor side, “The decline in service jobs was often linked to difficulties replacing leavers, though the addition of new staff was curbed by uncertainty about the outlook.”